综艺股份2.2亿收购吉莱微 跨界豪赌半导体胜算几何？

Core Viewpoint - Zongyi Co., Ltd. is actively pursuing mergers and acquisitions, with a recent plan to invest 220 million yuan in Jiangsu Jilai Microelectronics Co., Ltd. to gain over 50% control, marking its entry into the power semiconductor manufacturing sector [1][2] Group 1: Investment and Acquisition Strategy - The investment involves two main components: a capital increase of 220 million yuan for 43.23 million new shares, representing 45.28% of the post-investment total shares, and a voting rights delegation from the original controlling shareholder, allowing Zongyi to control 53.96% of the voting rights [1] - Zongyi has not distributed dividends for 12 consecutive years since 2013, relying heavily on investment income [2] Group 2: Financial Performance and Risks - In 2024, Zongyi reported revenue of 348 million yuan, an increase of 8.15% year-on-year, but incurred a net loss of 36.49 million yuan after excluding non-recurring gains and losses [1] - The company has faced continuous net profit losses over the past three years, totaling approximately 450 million yuan in losses over the last decade [1][2] - Following the acquisition announcement, Zongyi's stock price surged over 30% in a week, indicating speculative trading behavior among retail investors, which raises concerns about potential price corrections if due diligence reveals issues with the acquisition [2]